Cyprus intends to build a favorable jurisdiction for blockchain companies

In the framework of the announced partnership blockchain company CREAM and VeChain, together with the investment Agency of Cyprus, to develop a program for the development of blockchain-industry on the island. Another area of cooperation will be the creation of an enabling legislative framework in the country.

The Agency Invest in Cyprus, a blockchain startup from USA CREAM Singapore platform VeChain signed a Memorandum of understanding envisaging cooperation between the two organizations with the aim of developing blockchain-industry and establishing a legal framework for the development of blockchain technology on the island.

According to the official press release, the parties will develop an investment strategy at the national level, including the development of blockchain technology in the FINTECH sector, as well as measures for the development of state regulation of the industry.

The proposed ideas are consistent with the law in the field of anti-money laundering (AML) and identification of investors (KUS) as well as the legislation of the European Union.

For program implementation of company VeChain and CREAM will create in Cyprus a joint venture.

“We are investing in the development of financial technology and the blockchain sector, and we plan to lead in these areas, which will increase investment and economic development Kirpa”, — said the Chairman of the Board of Directors, Invest Cyprus Michalis Michael.

“We will help the blockchain projects to find a home where they will be protected by law, and will be able to create, develop and thrive,” added co-founder of CREAM Jackson Fu.

In October, the Commission on securities and exchange Commission of Cyprus announced the beginning of a developing blockchain platform of digital payments. In turn, in March of this year VeChain became a partner of the University of Oxford to conduct scientific research in the field of the distributed registry.